ServiceMaster Provides Update on Spin-off of American Home Shield, Announces Interim President of AHS

Category:

Dateline:

Public Company Information:

NYSE:

SERV

us81761r1095

"We are grateful for Tim’s contributions to ServiceMaster during his time with us and very pleased to have Steve join us to provide interim leadership to American Home Shield as we continue to prepare for a successful separation from ServiceMaster"

MEMPHIS, Tenn.--(BUSINESS WIRE)--ServiceMaster Global Holdings, Inc. (NYSE: SERV), a leading provider of
essential residential and commercial services, today provided the
following update in connection with its previously announced spin-off of
American Home Shield.

The spin-off continues to be on track to be completed in the third
quarter of 2018. In connection with the spin-off, ServiceMaster
previously initiated a search for a dynamic chief executive officer to
continue to drive the strong performance of American Home Shield, while
also helping it pursue distinct strategies and growth opportunities
available to it as a separate public company following the spin-off.

Following the commencement of this search, Tim Haynes, president of
American Home Shield, has decided to leave ServiceMaster to pursue other
interests.

Steve Hochhauser will serve as interim president of American Home Shield
to provide a smooth transition until the hiring of a permanent chief
executive officer for the company.

“We are grateful for Tim’s contributions to ServiceMaster during his
time with us and very pleased to have Steve join us to provide interim
leadership to American Home Shield as we continue to prepare for a
successful separation from ServiceMaster,” said ServiceMaster Chief
Executive Officer Nik Varty. “Steve’s extensive leadership experience
with a number of large organizations and outstanding management skills
makes him well-suited to guide AHS through this exciting period.”

Steve has held a variety of leadership positions, including chairman and
chief executive officer of Johns Manville and executive positions at
Ingersoll Rand, Honeywell and United Technologies. Steve has served on a
number of private company boards of directors and currently serves as
the chairman of the board of a private chemicals company.

ServiceMaster Global Holdings, Inc. (NYSE: SERV) is a leading provider
of essential residential and commercial services, operating through an
extensive service network of more than 8,000 company-owned locations and
franchise and license agreements. The company’s portfolio of
well-recognized brands includes American Home Shield (home warranties),
AmeriSpec (home inspections), Furniture Medic (furniture repair), Merry
Maids (residential cleaning), ServiceMaster Clean (janitorial),
ServiceMaster Restore (disaster restoration) and Terminix (termite and
pest control). We serve residential and commercial customers through an
employee base of approximately 13,000 company employees and a franchise
network that independently employs an estimated 33,000 additional
people. The company is headquartered in Memphis, Tenn. Go to www.servicemaster.com
for more information about ServiceMaster or follow the company at twitter.com/ServiceMaster
or facebook.com/ServiceMaster.
ServiceMaster is the Official Home Services Provider of Minor League
BaseballTM.